Napco Security falls after Fuzzy Panda discloses short position

NAPCO Security Technologies

05/09/2024 14:30

** Shares of NAPCO Security Technologies Inc  NSSC.O , a
provider of electronic security devices and fire alarm systems,
down 11% at $38.5 premarket 
    ** Fuzzy Panda disclosed short position in NSSC following a
lawsuit by former employees accusing NSSC of accounting fraud,
financial manipulation 
    ** "Napco is a rare opportunity to short a high multiple
boring business (9x Sales) where the growth is gone, former
employees allege fraud, and investors don't seem to know yet,"
short-seller report  
    ** NSSC did not immediately respond to a Reuters request for
comment
    ** Up to Wednesday's close, stock had risen 27%

 (Reporting by Pratyush Thakur)
 ((Pratyush.Thakur@thomsonreuters.com))